Business Basics Quiz

Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also 'any activity or enterprise entered into for profit.'

The taxation system for businesses is different from that of the corporates. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.

Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business.

<p>Forms of business ownership mentioned in the text include sole proprietorship, partnerships, and corporations.</p> Signup and view all the answers

<p>A corporation is more complicated and expensive to set up, but offers more protection and benefits for the owners/members. Corporations provide limited liability for their owners/members, as well as being subject to corporate tax rates.</p> Signup and view all the answers